New York Attorney General Eric Schneiderman said that Bank of America, Wells Fargo and other large banks are dragging their feet in processing homeowners’ requests for lower monthly payments under the $25 billion national mortgage settlement, the Washington Post reported on Saturday. Earlier this month, Schneiderman threatened to sue Wells Fargo and Bank of America for violating the terms of the agreement, which was brokered last year between 49 attorneys general and the nation’s five largest mortgage servicers over foreclosure abuses. New York’s top prosecutor said his office received 339 complaints that the two banks were not complying with the timeline requirements of the agreement. Homeowners said that the banks took more than 30 days to respond to their requests to reduce interest rates or loan balances.
